There’s no doubt that the coronavirus is causing an economic downturn world-wide. According to the Organisation for Economic Cooperation and Development (OECD), the world’s economy is expected to grow at its slowest rate since 2009; and the last week of February saw the worst performance for major stock markets since the 2008 financial crisis.
Coupled with that, factories in China (the world’s largest export of goods) are pausing their productions in a bid to contain the spread of Covid-19 – which will have a dramatic impact on imports.
Small businesses and especially businesses on the high street are starting to feel the pressure, with less people hitting the streets. Most traders are planning to accept this as a poor period and resign to grin and bear it, but is there a way to beat it?
Here are 5 things you can do now to avoid a coronavirus slump:
- Spend your marketing pounds – with money tight it’s tempting to cut the marketing budget – but that’s when you need to be spending on marketing! Around 3% of your customers are ready to buy now, so now is the time to invest in getting your business in front of potential customers. You want to be building brand awareness and woo-ing your market – ready for them to spend when this saga is over. In particular you can drive thousands of people to your website for pennies a click using social media traffic ads to promote content (such as blog posts) to a broad audience.
- Track your website users – all those extra customers for you will mean more traffic to your website – make sure you’re capturing all that user data in the form of a Facebook Pixel – else your users are here today and gone tomorrow. Without a pixel, if they don’t buy / sign up / book in then and there you’ll never be able to sell them again – a big waste of opportunity.
- Sign up website users to your newsletter – as above, you want to remarket to your website users when they are rolling in, and a newsletter is the perfect tool. Make sure you have a whopping big ‘sign up’ button and a pop up – get those subscriber numbers up!
- Prepare newsletter campaign – once the dust settles it’s time to recoup your loses. You’ll want to send out fortnightly newsletters to your loyal subscriber list – 50% content (a recipe, tips, advice) and an appealing offer for a month or so only. Avoid telling people it’s Tracy’s birthday or your opening hours – no one cares.
- Prepare a remarketing campaign on your website users – once it’s business as usual, use social media remarketing ads (using your Facebook Pixel’s help) to send ads to users who have been on your website (they know you and they are ready to buy). Give them an offer and for tracking purposes create a code, a link or use lead ads so you know how successful it’s been.